FSA saw mass staff exodus in run up to its demise

Former City regulator the Financial Services Authority (FSA) suffered a staff exodus in the 12 months before its demise.

Wealth Manager can reveal that in the year before the FSA’s duties were transferred to the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), some 434 employees decided to quit the watchdog.

Only a handful of staff was made redundant. Of these, the departments most affected were its chief executive’s office, the chairman’s office and operations.

The FCA revealed last week that former chief Hector Sants received a £300,000 pay-off on leaving, while outgoing chairman Adair Turner pocketed £252,000.

The FCA said it was unable to provide a breakdown of the exact number of employee exits and redundancies by specific department, but it released figures that offered a broad picture following a Freedom of Information Act request.

It said 434 members of staff left the regulator between 1 April 2012 and 31 March 2013, the day before the FSA’s handover to the FCA and the PRA.

The total excludes individuals who transferred to the PRA and the Bank of England, which now shares responsibility for the oversight of systemically important firms.

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